Sec. 2505-555. Study concerning tax increment financing information on tax bills.

214 words·~1 min read·/il/chapter-20/act-2505/2505-555

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)The Department must conduct a study to determine the feasibility for each county to include, on the property tax bills for each taxpayer in that county, information concerning any tax increment financing project that affects the taxpayer.

(b)The information on a taxpayer's property tax bill must include, for each tax increment financing project that affects the taxpayer:

(1)a description of the project;

(2)a statement of initial total equalized assessed value of the property in the project

area before the tax increment financing;

(3)a statement of the current total equalized assessed value of the property in the

project area;

(4)a statement of the impact of the tax increment financing on each tax rate for each

affected taxing district; and

(5)projections for future impacts of the tax increment financing on each tax rate for

each affected taxing district.

(c)The study under this Section must include an analysis of any obstacles that a county will face in including the information on property tax bills and identify any possible solutions to those obstacles.

(d)No later than April 1, 2008, the Department must submit a report to the Governor and the General Assembly concerning the study under this Section.